B2B Prime Digital MENA Has Acquired ‘Initial Approval” From Dubai’s VARA
A renowned global liquidity provider, B2Prime Group, has recently announced that B2B Prime Digital MENA has cleared the “Initial Approval” milestone in the licensing roadmap of Dubai Virtual Assets Regulatory Authority (VARA).
There are still several steps to go through before complete approval, including the fulfilment of pre-operating conditions and operational approval checks.
This milestone reflects VARA’s initial approval for licenses in Virtual Asset Exchange, Broker Dealer, and Transfer and Settlement Services.
First Things First – What is VARA?
VARA was founded in March 2022 as a result of Law No. 4 of 2022, and it is the authorised body responsible for monitoring, controlling, and supervising VAs and VA Activities in all Emirate of Dubai zones, including Special Development Zones and Free Zones, but excluding the Dubai International Financial Centre.
VARA is instrumental in developing Dubai’s advanced legal framework, ensuring investor protection and establishing global standards in Virtual Asset governance in line with the vision of a borderless economy.
What Does VARA’s Initial Approval Mean?
The initial approval provided by VARA is the first step in a challenging roadmap toward acquiring a VASP license, which pertains to Virtual Asset Service Providers.
This license will allow the B2B Prime Digital MENA to offer core brokerage services across the Dubai region, including comprehensive exchange capabilities, Broker-Dealer services and the transfer or settlement of virtual assets.
Mrs. Eugenia Mykuliak, Founder of B2Prime, highlighted this achievement as a significant step toward entering the Dubai market and offering premier brokerage services.
B2Prime’s Reaction and Plans Going Forward
To provide the abovementioned services, B2B Prime Digital MENA still has to go through several approval steps. However, the process has been initiated effectively, and it seems like acquiring the final license is just a matter of time.
“We are extremely proud and grateful to have received initial approval from VARA, which is a testament to our determination to maintain the highest standards in regulatory compliance,” said Mr Arthur Azizov, Co-Founder of B2B Prime Digital MENA. Arthur further highlighted the strengths of the B2Prime Group’s existing liquidity services.
The CEO of B2B Prime Digital MENA, Paredes Herrera, has further pointed out the significance of the initial approval, stating that this milestone has motivated the team to work even harder in their efforts to secure the final license.
Understanding B2Prime’s Liquidity Offerings
B2Prime’s bid to transfer its services to Dubai is a massive development for the region, considering the group’s commitment to quality and a wide range of liquidity services.
B2Prime is currently licensed in Cyprus and Mauritius. It is widely regarded as one of the best liquidity providers across the globe due to its dependability, diverse services, and equal expertise across several markets, including Forex, Crypto CFDs, and others.
B2Prime also provides cutting-edge aggregation solutions, minimal latency in connectivity and institutional-grade hosting services. The group is committed to delivering the highest-level liquidity services available globally. So, entering the Dubai jurisdiction will be a Pareto improvement for all parties involved.